New data shows Dallas is a hotspot for real estate, especially hotels. By 2023 Dallas could be one of the top real estate markets in the U.S.
According to the United States Construction Pipeline Trend Report from Lodging Econometrics (via Axios), Dallas has record-breaking plans for the future of the city. The third-quarter report estimated that Dallas will have 174 hotel projects, including 20,676 rooms.
To put that into perspective, Dallas’ ongoing hospitality projects only estimate 3,390 rooms included in 23 projects. In the next 12 months, Dallas will begin 63 projects, accounting for 7,355 rooms.
Collectively, these projects will put Dallas at the top of the real estate chain, only second in the U.S. behind Nashville. The new rank will raise Dallas up from last year’s seventh place.
But hotels are not the only infrastructure to bring Dallas into a high spot in the real estate market. This year’s Emerging Trends also forecasts the city to be sixth in homebuilding prospects for 2023.
All of these major projects around Dallas aren’t only good for homebuyers and travelers – investors are also looking more closely at the city. The Sun Belt markets (Dallas, Austin, Houston and Atlanta) are known to be places that investors tend to flock to because of the warm climates. With Dallas’ long list of projects, more investors are likely to bring their cash to the city.
The report also shows that the high volume of buildings could slow the huge increase in rental costs, which have taken over Dallas and surrounding cities. And with remote work becoming an option for many Dallas-based workers, empty office buildings are a potential breeding ground for big investments and buy-outs, the data explains.
Next year, Dallas is bound to grow both financially and physically through the abundance of projects, signaling a boost in the economy.